Exit Strategies – Don’t wait until you’re looking for the emergency exit.

Many entrepreneurs are at the later stages of their careers and working on their exit strategies.  They are discovering that the exit is just as difficult as the start-up.

I recommend that the strategy should include these three steps:

Determine the current valuation of the business and the steps required to improve on it.
Start working on management transition to make the business less dependent on the current owner.
Develop and analyse the options of sales, merger/acquisition or management buy-out before initiating the action plan.

In summary, improve the value of your business and make it less dependent on you.  I refer to it as the evolution of your role in the business from employee to owner to exit.

Still not simple to do, but important to have a plan before you are looking for the emergency exit.

 

 

The post Exit Strategies – Don’t wait until you’re looking for the emergency exit. appeared first on Learning Entrepreneurship.